External Funds Needed$$Dahlia Colby, CFO of Charming Florist Ltd$.,$ has created the firm$$s pro forma balance sheet for the next fiscal year. Sales are projected to grow by $12$ percent to $$320$ million. Current assets, fixed assets, and short$-$term debt are $20$ percent, $70$ percent, and $15$ percent of sales, respectively. Charming Florist pays out $30$ percent of its net income in dividends. The company currently has $$110$ million of long$-$term debt and $$45$ million in common stock par value. The profit margin is $9$ percent.

a$.$ Construct the current balance sheet for the firm using the projected sales figure.

b$.$ Based on Ms$.$ Colby$$s sales growth forecast, how much does Charming Florist need in external funds for the upcoming fiscal year?

c$.$ Construct the firm$$s pro forma balance sheet for the next fiscal year and confirm the external funds needed that you calculated in part $($b$)$